Symbolic Capital is a new crypto-focused venture capital firm that includes Polygon blockchain founder Sandeep Nailwal among its leadership. They just announced a raise of $50 million for a fund to invest in early-stage web3 companies.
Investors in the Symbolic fund included a number of crypto industry participants, protocols, exchanges, auditing firms, and venture capitalists among them. Family offices and institutions also backed the fund, which will apparently cut checks of $500,000 to $1 million per project.
Crypto verticals of interest include the web2 to web3 transition, metaverse, the creator economy, blockchain interoperability, and scaling solutions, and the commercialization of non-fungible token (NFT) technology by brands.
Some of the initial investments of the fund include BlinkMoon, Planet Mojo, and Community Gaming. They’ve co-invested alongside other firms like a16z, Sequoia Capital, and more.
